Overview
Penn State is home to the second largest football stadium in the country. With a seating capacity of more than 100,000, Beaver Stadium is widely thought of as one of the best stadiums in college football and one of the toughest venues for opposing teams. The stadium was built in 1960 and has undergone six renovations/expansions. As the stadium entered its 62nd year as home to the Nittany Lions, Penn State was considering various options for the future of Beaver Stadium and hired CAA ICON to perform feasibility and strategic planning services as the university contemplated next steps.
Approach
The scope included (but was not limited to) the following Feasibility and Planning Services:
Market Demand Analysis – Evaluated the local and regional market stadium demand and developed a preliminary stadium program (capacity, luxury suites, loge boxes, club seats, parking, etc.) through a detailed assessment of local and regional market characteristics, demographics and benchmarking.
Market Validation – Validated preliminary market demand conclusions developed in the previous phase by conducting consumer research including web-based surveys, corporate surveys, and focus groups.
Financial Feasibility Analysis – Created a baseline operating and financial profile for a renovated and new stadium, including detailed operating revenues and expenses. The financial model was used to evaluate the incremental impacts to be generated by Penn State in a renovated Beaver Stadium, as well as a new stadium.
Result
In 2023, Penn State announced plans to renovate Beaver Stadium. The renovation will be completed in phases to allow the football team to continue playing home games during the overhaul. Potential options being considered are improved bathrooms, enhanced WiFi, and upgraded concessions.
